Bitcoin price decline due to various factors, but some experts see potential for bounce back.

From Investing.com

July 11, 2024 09:48:12 AM:

Bitcoin’s price is on the decline due to factors like Mt. Gox refunds, German government Bitcoin sales, and miner selling pressure. The downtrend has wiped roughly 15% off BTC’s value in the past month, leading to concerns about further drops.

Despite the negative trend, experts like Eugene Cheung from Bybit see potential for a bounce back if Bitcoin can reclaim the $57,000 support level. He believes that recent declines may be a bear trap, with history showing that market corrections often lead to new highs in ongoing bull markets.

Data from CryptoQuant suggests a potential Bitcoin price correction or the start of a bear market, as indicators hover around critical levels. The profit and loss index, along with the bitcoin bull-bear market cycle indicator, point towards a possible downturn in the near future.

Read more at Investing.com: Bitcoin price decline likely ‘a bear trap’ says crypto expert By Investing.com